AUD/USD upside potential in question on the 0.93 handle

FXStreet (Guatemala) - AUD/USD is trading at 0.9318, down -0.01% on the day, having posted a daily high at 0.9322 and low at 0.9318.

AUD/USD has stalled here and we are reminded that risks contain the possibility of further upside in the pair. Jane Foley Senior Currency Strategist at Rabobank highlighted the fact that last week’s release of a shockingly high unemployment rate has forced investors into rethinking the outlook for the Australian economy. “Changes to the sample used to create the unemployment data have been partly attributed for the spike in the July rate to a 12 year high of 6.4%. Nevertheless, it would be foolhardy to ignore the risks that still face the Australian economy”. Further she added, “In its latest Statement of Monetary Policy, the RBA states that “labour market conditions have improved a little, but overall conditions remain subdued”.

AUD/USD hourly levels

With spot trading at 0.9318, we can see next resistance ahead at 0.9329 (Daily 20 SMA), 0.9331 (Daily Classic R1) and 0.9339 (Daily 100 SMA). Support below can be found at 0.9308 (Hourly 20 EMA), 0.9296 (Weekly Classic PP) and 0.9294 (Daily Classic PP).

Aug 14, 2014

Session Recap: even a smaller range today... some move but unchanged at all

Another summer day in the currency market with light volume trading session and some movements in majors but not changes at all. The EUR/USD flirted with the 1.3400 but it wasn't able to break up.